Texas oil production records highest levels for the first time in 30 years

In a recent report, the U. S. Energy Information Association found that Texas has hit its highest monthly oil production rate on record. In October of 2013, records show that 2.752 barrels of crude oil per day were produced, which constitutes the highest average since monthly oil production record-keeping began in January of 1981.

Oil production in Texas experienced sudden, rapid growth in 2008 resulting from the oil and gas boom in the Eagle Ford Shale region of South Texas and the Permian Basin in West Texas. The oil production rate has more than doubled in less than three years, according to new federal data.

The Eagle Ford Shale produces more than 1 million barrels of oil per day, and Texas produced 35 percent of the U.S. crude oil in October. This makes Texas one of the top 15 producers of oil in the world, and the rate of production shows no signs of slowing. For 26 straight months, the state’s oil production rate as increased by more than 25 percent year-over-year.

With the increase in Texas oil production comes a benefit to San Antonio and the surrounding area: a strengthened local economy. As reported in UTSA’s study of the economic impact of the Eagle Ford Shale, the estimated impact on job creation in the extraction of oil and natural gas category as well as support activities for oil and gas operations is more than 29,000 in surrounding counties by 2022. The study estimates a nearly $32 billion impact on the area by 2022.

Because energy extraction companies tend to rely on nearby, larger cities with airports, colleges, housing and a skilled workforce, San Antonio will continue to see positive economic impact from Texas oil production.